NRS 691B.010Applicability of other provisions.All
contracts of surety insurance covering subjects located or to be performed in
this state are subject to the applicable provisions of chapter 687B of NRS (the insurance contract),
and to other applicable provisions of this Code.

(Added to NRS by 1971, 1779)

NRS 691B.020Corporate bonds satisfy legal requirements.

1. Whenever a bond, undertaking,
recognizance, guaranty or other obligation is required, permitted, authorized
or allowed, or whenever the performance of any act, duty or obligation, or
forbearance is required, permitted, authorized or allowed to be secured or
guaranteed, such bond, undertaking, recognizance or other obligation, or such
security or guaranty, may be executed by an insurer authorized in this state to
transact surety insurance, and such insurers are authorized and empowered to
execute all such instruments.

2. In case two or more of such insurers
execute any such instrument, each of such insurers is hereby authorized and
empowered to limit its liability therein to an amount less than the aggregate
penalty of such instrument and also to limit its liability to a pro rata part
of any and all losses under such instrument.

3. The execution by any such insurer of
such bond, undertaking, recognizance, guaranty or other obligation by an
officer, attorney-in-fact or other authorized representative shall be
sufficient and be accepted as and be a full compliance with every law or other
requirement now in force or that may hereafter be enacted or made that such
bond, undertaking, recognizance, guaranty or like obligation be required or
permitted or be executed by a surety or sureties, or that such surety or
sureties be residents, householders or freeholders, or possess any other
qualifications.

(Added to NRS by 1971, 1779)

NRS 691B.030Estoppel to deny power.Any
insurer which executes any surety contract as surety shall be estopped, in any
proceeding to enforce the liability which it has assumed to incur, to deny its
power to execute such contract or assume such liability.